Treasuries Regain Ground Following Recent Weakness

(RTTNews) - After trending lower over the past several sessions, treasuries showed a strong move back to the upside during trading on Monday.

Bond prices moved notably higher in early trading and remained firmly positive throughout the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 5.2 basis points to 2.320 percent.

With the drop on the day, the ten-year yield gave back some ground after ending last Friday's trading at its highest closing level in over a year.

The rebound by treasuries came as traders kept a close eye on any developments regarding the OPEC meeting scheduled for Wednesday.

Crude oil prices moved notably higher as Iraq's oil minister said he is optimistic OPEC members will reach an agreement on cutting production.

Recent optimism about the outcome of the meeting was previously offset by news that Saudi Arabia pulled out of a meeting with non-OPEC oil producing countries.

Following today's lack of major U.S. economic data, trading on Tuesday may be impacted by reaction to the second estimate of third quarter GDP as well as a report on consumer confidence.